Noida Authority Raises Land Allotment Prices by 6% for FY 2024-25
The Noida Authority has announced a 6% increase in land allotment prices for the financial year 2024-25. This decision, made during the 214th board meeting chaired by UP Chief Secretary and Authority Chairperson Manoj Kumar Singh, will impact group housing, institutional, and industrial sectors. The meeting was attended by Noida Authority CEO Lokesh M, Additional CEO Ravindra Kumar, and various board members.
An official statement clarified that the land allotment prices for various types of land have been raised, with the exception of residential plots in the A+ category, where prices remain unchanged. The revised rates also extend to industrial zones and commercial spaces, significantly impacting the IT/ITES sectors.This Noida land price increase reflects the Authority’s efforts to align with market trends and ensure sustainable development.
The board meeting also focused on resolving long-standing stalled projects and implementing the recommendations from the Amitabh Kant committee. These recommendations aim to protect the interests of home-buyers and accelerate the completion of delayed projects. Following these guidelines, the Uttar Pradesh government introduced a policy to revive stalled projects. As of June 18, 2024, 27 out of 57 projects under this policy have successfully utilized the scheme’s benefits, covering approximately 47% of the total developments. The Authority expects to receive Rs 830 crore within a year for the remaining 75% of the funds, facilitating the registry of approximately 3,000 flats.
Another significant decision was the approval of a proposal to extend the construction period for housing projects. Developers facing delays due to unforeseen circumstances will now have a 10% annual surcharge extension beyond the initial 12-year period, up to a maximum of three years. This extension is subject to specific conditions and does not apply to projects where the time extension fee has already been paid.
Additional initiatives approved by the board include allocating 5% of residential plots for displaced farmers of Noida, developing green spaces and biodiversity parks in specified sectors, Approval was granted for the international golf course construction in Sector-151, alongside the development of a deer park and biodiversity park in Sector-91, all in compliance with environmental regulations. Additionally, the board decided to establish a committee to examine and report on the new Sustainable Development and Building Regulations (SDBR-2023) drafted by the Bureau of Indian Standards (BIS) of the Centre.
This increase in Noida’s land allotment prices is an integral part of a wider strategy to improve regional infrastructure, assist home-buyers, and encourage sustainable development.
Read more: Haryana CM Leads Lal Dora Property Certificate Distribution to 5,000
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